Can You Remortgage With The Same Lender?

Yes, you can remortgage with the same lender. In fact, there are pros to doing this. For starters, you won’t have to pay legal expenses. This is because you only need a conveyancer if you’re remortgaging with a different lender.

However, the main con is that by choosing the same lender, you may miss out on a better deal. Most of the time, people want to remortgage to free up equity, and you may want to release as much as possible. Whether you’re looking to complete home improvements, buy another property, consolidate debts, or help someone out with their finances – remortgaging can be a great way to do this.

As always, it’s worth shopping around for cheaper rates. However, it’s important to remember that cheaper doesn’t always mean better – it depends on whether you’d prefer to pay off your mortgage sooner, or whether freeing up the extra cash right now is more important to you.

Pros and cons of remortgaging with the same lender:

Pros:

• You won’t have to pay legal expenses. You’ll also save time as you won’t have another link in the chain to make your remortgage come to fruition.

Cons:

• You may miss out on a better deal – a mortgage advisor can compare the rate offered with your current lender against other lenders on the market to help you determine whether the offer is good or could be significantly improved.

Speak to Agentis today

Agentis have a dedicated team of remortgaging experts who can help you shop around for the right mortgage rate. If you want to stick with your current lender, and they’re one of our partners, we can help improve your rate. As ‘Whole of Market’ mortgage brokers, we have access to plenty of lenders, helping to open up your options and provide better rates to help you release more equity. Contact us today to arrange your free initial consultation.

*You may have to pay an early repayment charge to your existing lender if you remortgage.